Shannon Lynn Lewis of Muscatine, Iowa, a registered representative with State Farm VP Management Company, has been fined $7,500.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he engaged in unapproved securities transactions. Letter of Acceptance, Waiver and Consent, No. 2016050038501 (Dec. 19, 2017).
According to the AWC, from 2004 and 2013, during the time that Lewis was associated with State Farm, he effected $1,074,199.00 in securities transactions involving nine customers’ retirement accounts that were held outside of State Farm. Apparently, Lewis executed the rebalancing of customers’ retirement accounts throughout this period, in which she bought and sold customers’ mutual fund investments. Apparently, none of State Farm or other brokerage institutions were notified by Lewis prior to her execution of those transactions.
The AWC stated that Lewis was administered compliance questionnaires between 2004 and 2013, where Lewis reportedly failed to confirm her outside activities. Consequently, FINRA found that Lewis violated FINRA Rules 2010, and NASD Rule 2110 and 3040.
On May 17, 2016, Lewis was fired from State Farm VP Management Company based upon accusations that she failed to abide by the firm’s communications and customer account documentation policies.
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